Where Are Big Law Billing Rates Growing the Fastest?: The Morning Minute
The news and analysis you need to start your day.
January 26, 2024 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
COMPENSATION CONUNDRUM - In the race to increase profits and attract the best talent, law firms are now in a bit of a pickle when it comes to adjusting partner compensation, Law.com's Christine Simmons writes in this week's Barometer newsletter. If a firm moves too slow in adjusting their compensations systems and partnership tiers, their rivals will gain scale by luring their talent and gaining a competitive edge. If a firm moves abruptly to an extreme version of eat-what-you-kill environment, its culture can quickly sour and some of their best talent may exit. It's a tough situation to navigate, but all hope is not lost. "The pressure to get a firm's compensation system right and keep a collaborative culture is as high as ever," Simmons writes. "But we know from examples in the current market that it's possible to obtain this goldilocks zone in partnership pay." To receive the Law.com Barometer directly to your inbox each week, click here.
RATE OF RATES – Average billing rate increases were high last year, perhaps historically so, and some industry observers already expect a similar 2024. But, as Law.com's Andrew Maloney reports, a new report from Wolters Kluwer ELM Solutions this week illustrates the variation beneath some of the rate averages. Nearly a third of timekeepers saw no change in what they billed in 2023, according to analysts who published the Real Rate Report—an analysis of legal invoices sourced directly from corporations' and firms' e-billing software. Meanwhile, close to 10% of timekeepers saw their rates increase by 20% or more. Additionally, industries like consumer and financial services and health care saw some of the highest rate increases. Markets such as Dallas and Houston also saw notable, above-average billing rate increases.
ON THE RADAR - TKO Group Holdings, a sports and entertainment company, announced that it has appointed Dwayne "The Rock" Johnson to its board of directors. Johnson was advised by Sidley Austin partners Vijay Sekhon, Matthew Thompson and Emily Zipperstein. Counsel information for TKO Group, which is based in Stamford, Connecticut, was not immediately available. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.
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